Six Nigerian Banks Reportedly Set to Merge in January 2016

According to a report by Citizen, Six commercial banks are likely to seek mergers and acquisitions in the New Year.

The publication reports that the development arises, “no thanks to the shock created in their assets and balance sheet sizes in the face of declining oil prices. Crude oil prices have fallen to as low as $37.11 per barrel from over $110 per barrel a year ago. This has adversely affected banks’ oil assets. Besides, the level of non-performing loans in the sector has risen.”

According to the report, Managing Director, Sterling Bank Plc, Yemi Adeola, who disclosed the news yesterday, reportedly stating that he envisaged possible shrinking in the number of local banks in the New Year.

Yes, that’s the million dollar question. Our economic dependency on oil is coming back to bite us. Instead of diversifying and developing other local industries in the ‘good years’ when the oil price was high, our government was busy sharing money. Sadly it’s not looking good for us right now at all.

Nigerian Bankers are very greedy, what did they do with their profits for the past 10 years when oil price was up? How did they support Industrialist in Nigeria? they engage in round trip,frustrate honest business men,instead to support Business men with 5 – 7 years business loan, they want quick fix 1month – 6months loan at disadvantages interest rates and other hidden charges. The irony of life ,take a Banker from the baking environment 92% would not be able to handle life, because they spend good part of their lives conderming good business plans and ideas they should be learning and support to grow.
On their life style they spend it living fake lives,every thing in their live is higher purchased,expensive ties,summer trips ,house and expensive schools for their kids ,all on high purchased ,once they loose their job,80% who are busy conderming all business plan,has no plan to survive life.
What a life – nobody should blame Jonathan ,Buhari or Cbn for walhalla in Banks ,end of the day our Bankers are greedy. – Jackson Bose

@Anonymous,
I hope you know your wish for your fellow human is tactically a wish for yourself? Do as you would be done by and tactically wish something good for yourself into the New Year eh?! It wont hurt to wish for him/her to be a better person.